Joseph Francis Sartori facts for kids

Quick facts for kids Joseph Francis Sartori
Joseph Francis Sartori
Born	(1858-12-25)December 25, 1858 Cedar Falls, Iowa, US
Died	October 6, 1946(1946-10-06) (aged 87) Los Angeles, California, US
Alma mater	University of Michigan
Known for	Security-First National Bank (Security Pacific Bank), Los Angeles Country Club, California Community Foundation
Spouse(s)	Margaret Lambert (Rishel) Sartori (1865-1937)
Children	Juliette Boileau (Sartori) Wallace (1892-1964)

Joseph Francis Sartori (born December 25, 1858 – died October 6, 1946) was a very important banker and community leader in Los Angeles. He started the Security-First National Bank, which became a huge bank. He also helped create the Los Angeles Country Club and the city of Torrance. Joseph Sartori played a big part in building famous places like the Los Angeles Biltmore Hotel and the Los Angeles Civic Center.

Early Life and Family History

Joseph Sartori was born on Christmas Day, 1858, in Cedar Falls, Iowa. His father, also named Joseph Sartori, came from Germany in the early 1850s. Even though his family had lived in Germany for many years, their roots were actually Italian.

After working for five years as a bricklayer and plasterer in the United States, Joseph's father sent for his sweetheart, Theresa Wangler. Theresa was the daughter of a mayor from Baden-Baden, Germany. They got married in New Jersey.

Young Joseph showed he was a go-getter from an early age. When he was just eleven or twelve, he started working on the railroad. He was a "train butcher," selling newspapers, candy, and other small items. While other workers earned about $30 a month, Joseph was making $100.

Education and College Life

In 1874, at age 15, Joseph Sartori went to Cornell College in Mount Vernon, Iowa. He was very impressed by the Navy and wanted to join. However, his parents didn't want him to enlist. After talking it over, they told him he could go to any school in the world.

So, at seventeen, he left Cornell and traveled to Germany. He studied at the University of Freiburg. There, he developed a deep love for music. He also joined a dueling club, but his parents were worried and insisted he come home. He then went back to Cornell College.

Joseph was very athletic and loved baseball. He was a natural leader because of his skill and determination. When he wasn't allowed to join the college baseball team, he created his own team. His team challenged and beat the existing college team. He was known as an excellent shortstop.

He did very well at Cornell, getting high grades. He also ran the baseball team and competed in swimming championships. He even started a new college newspaper and organized dances and musical events.

Because he was not very tall, he decided to "become so big that men would have to look up to me." He was young, ambitious, and enjoyed using his mind to solve problems. He strongly believed in hard work, effort, and patience. He was also a firm believer in progress.

He graduated in 1879 and spent the summer at home. He decided to become a lawyer. That fall, he enrolled at the University of Michigan Law School. He learned shorthand so he could write down all the lectures. Even with a full study load, he still played on the baseball team and went to dances.

Starting His Career

After graduating in 1881, Joseph Sartori worked for a law firm in Denison, Iowa. He mostly dealt with land titles. One of his bosses, Leslie M. Shaw, later became the Secretary of the Treasury. Shaw even asked Sartori to be his assistant, but Joseph declined the offer.

Sartori then moved to Le Mars, Iowa and partnered with another lawyer. At some point, he realized he wouldn't be a great trial lawyer. Through his work, he started learning about buying and selling land in Northern Iowa and Southwestern Minnesota.

His partner was elected to Congress. Sartori then worked for a new lawyer in Le Mars, Peter S. Rishel. Rishel was more artistic than business-minded. Sartori offered to manage the business side of the law practice, and it became very successful.

Sartori and Rishel later joined with the former partner, forming a new law firm. It was during this time that Joseph met Margaret Rishel, his partner's daughter. They married on July 3, 1885, and went on an eighteen-month honeymoon. They visited Los Angeles in 1886. They thought Kansas City, Missouri offered the best chances for their future. Sartori even got an option on offices there. However, the offices weren't ready, so they returned to Le Mars.

Then, Sartori received a telegram about a huge land boom happening in Southern California.

Moving to Los Angeles

On March 4, 1887, Sartori arrived in Los Angeles. He traveled to Monrovia, California in the San Gabriel Valley. He had been impressed by the climate and area on his last visit. This time, there was a new feeling of excitement and activity. He decided to check out the situation.

He visited the Daugherty Ranch, which was 56 acres just east of Azusa, California. He got an option to buy the ranch for $150 on a Friday. The following Monday, Sartori took the train back to Los Angeles. A man approached him, asking if he was the one who had the option on the Daugherty Ranch. The man bought it from him for $8,500. Sartori was now sure he had come to the right place.

He partnered with John F. Brossart and John Wilde, two old friends from Le Mars, Iowa. They created new housing areas in the Monrovia area, buying and selling lots. In one of these areas, called the Pacific View Tract, he built his first home.

In Le Mars, Sartori had been a director and part of the loan committee for a bank. Since banking seemed more interesting to him than real estate, he talked to his friends Brossart and Wilde. Along with others, they formed the First National Bank of Monrovia. Sartori sent a telegram to his former partner in Washington, D.C., who helped get permission for the bank to open. Sartori became the bank's Cashier, while Brossart was President. Later, Isaias W. Hellman became the bank's president. Hellman would become a very important person in Sartori's future plans.

The bank opened on July 2, 1887. Sartori later became Vice President. He held this job until 1924, when his own Security Trust and Savings bank bought the First National Bank of Monrovia.

In the summer of 1887, Monrovia decided to become an official city. The first election was held in December, and Sartori was elected Treasurer. This was his first and only public job.

In early 1888, real estate sales in Los Angeles started to slow down. Soon, the land boom was over. The First National Bank survived the tough times that followed. However, Sartori saw that there would be bigger opportunities in Los Angeles than in Monrovia.

Starting Security Savings Bank

Maurice S. Hellman

Sartori moved to Los Angeles. By the end of 1888, he and some friends started a company called Los Angeles Loan and Trust. They then expanded it into the Security Savings Bank and Trust Company. The bank's board first met on January 19, 1889. They chose F.N. Meyers as President and Sartori as Cashier.

Other local bankers connected with the Farmers and Merchants Bank also helped start it. Important people like Isaias W. Hellman and Herman W. Hellman were among the owners and served on the board. The bank started with $200,000 and opened on February 11, 1889.

When the country faced a financial crisis in 1893, some Los Angeles banks had "runs" on them. This means many people tried to take out all their money at once. But because Security was a savings bank, it could legally ask for six months' notice before people withdrew large amounts. Once people saw the bank was safe, it survived the crisis.

However, Sartori and F.N. Meyers disagreed about how the bank should be run. Meyers thought the bank was too careful. In January 1894, Meyers took control of the bank. He formed his own board and changed the management, leaving Sartori and his friends out.

During the year he was not part of the bank, Sartori started a new business. He partnered with Maurice S. Hellman. Their office was in the Bradbury Building. They dealt with city bonds and other investments. Important people like Isaias W. Hellman supported him. In January 1895, Sartori and his friends bought back enough shares to regain control of the bank. Sartori was elected President. Maurice S. Hellman became an active Vice President.

This was the start of a new time for the bank. Sartori felt very hopeful about this new chance. He strongly believed in the future of California, especially Southern California.

Building the Los Angeles Country Club

Sartori became interested in golf one day while bicycling with a friend. A golfer invited them to try the game at a local course. Joseph was immediately hooked!

A group in the West Adams district had already started "The Los Angeles Golf Club." They rented 16 acres and built a 9-hole golf course. It was called the Windmill Links because an old windmill served as the clubhouse. In September 1898, the club decided to become an official organization. They filed papers on October 3, 1898, as the Los Angeles Country Club. At that time, Sartori was considered one of the top five players in the club.

As other towns started their own golf clubs, a group of these clubs formed the California Golf Club Association in 1899. Sartori was the President of this association from 1903 to 1905.

In late 1899, the club realized they needed a bigger course. Sartori and other members bought 107 acres of land for $25,000. Sartori himself designed the new 18-hole course, which opened on November 4, 1899.

But even this course wasn't perfect. So, Sartori and a friend looked for an even better location. They found 320 acres of the Wolfskill Ranch closer to Santa Monica, California. On December 25, 1904, Sartori suggested a plan to buy the property for the club. The $48,000 cost was quickly raised. In October 1905, the group that bought the land sold 145 acres to the club for $22,300. They used the rest of the land to pay for the course and the clubhouse. The clubhouse opened on May 30, 1911. Sartori was elected President and was re-elected every year until he died in 1946.

The Bank's Expansion

In 1896, the bank's name was changed to Security Savings Bank. It moved to Main and Second Streets. But as the main business area of Los Angeles changed, the bank moved too. In 1904, the bank moved again to a new building at 4th and Spring Streets.

In 1904, the bank bought another bank called Main Street Savings Bank. In 1905, it merged with the Los Angeles Savings Bank. By the end of 1905, the bank's total deposits were more than $12 million.

In December 1907, the bank joined with the California Savings Bank. Then, on December 14, 1907, it moved into the new Security Building at 5th and Spring Streets.

Other Business Ventures

Sartori was also involved in Los Angeles' early oil and gas industries. In May 1895, he was on the Board of Directors for the Central Oil Company. Sartori liked to bring order to things that were messy. This led him to call a meeting of 15 smaller oil companies in San Francisco. This meeting resulted in the creation of the Associated Oil Company. It became one of the biggest oil companies in California.

A man named Thaddeus S. C. Lowe was active in the natural gas business but couldn't meet everyone's needs. Because private companies weren't providing enough gas, John Randolph Haynes, Sartori, and others started the Los Angeles City Gas Company. They planned for it to eventually be sold to Los Angeles as a city-owned system. This didn't happen as planned. In September 1908, another company bought the City Gas Company. This company was later taken over by the new Southern California Gas Company. Sartori also owned shares in the San Joaquin Light and Power Corporation. He eventually sold his controlling shares to another businessman.

Sartori continued to be interested in investing in land. In October 1903, he was one of many investors in the George K. Porter Ranch. Other investors included famous people like Henry E. Huntington. This ranch was 16,450 acres and sold for $575,750. This land deal later became very valuable because the end point of the Owens Valley aqueduct was built near the Porter ranch lands.

California Banking Laws

A financial crisis in 1907 led California to create a group to write new banking laws. The California Bankers Association chose a committee to work with this group, and Sartori was a member. He made big contributions to their work. He studied banking laws from other states and added his own ideas. One of his main goals was to protect people who put their money in banks. He was especially against banks selling certain types of bonds, after seeing bad results from them. The new law was passed in 1910.

From 1909 to 1929, Sartori was either the Chairman or Vice Chairman of the California Bankers Association's law committee. He also took an active interest in creating the Federal Reserve System, which manages the country's money. He served as a director for a time. He was also on a currency committee for the American Bankers Association from 1912 to 1918.

Security Bank was reorganized to work in the three main banking areas the new law allowed: Savings, Commercial, and Trust. The law also allowed banks to have branches. Security opened its first branch in 1912 when it took over another bank and renamed it.

In 1912, after the bank acquired another company, Sartori changed the bank's name to Security Trust and Savings Bank. He hired a lawyer to lead the new Trust Department.

Branch Banking and Growth

After World War I, the bank slowly started to think about having many branches (different locations). In 1919, the bank bought two banks in Hollywood. It operated both as its Hollywood Branch. In 1920, it opened a third branch.

By the end of 1920, Security was a $100 million bank. It worked with 30 other banks to study branch banking more closely.

After their report, the banks began to grow. Sartori, who was always careful, expanded slowly. Security acquired seven branches in 1922, eleven in 1923, and thirteen in 1924. This included his old bank, the First National Bank of Monrovia.

As many communities grew, Security built larger buildings for its bigger branches. These included the Hollywood Security Building in 1922 and the Long Beach Security Building in 1925.

While Security was expanding its branches, Amadeo Giannini's Bank of Italy was also growing. It was already a major bank in Northern California and wanted to expand in Southern California. Giannini wanted to name his branch organization Security Bank and Trust Company. Sartori felt this name was too similar to Security's name and would confuse customers.

Sartori took Giannini to court and won. But the Bank of Italy chief didn't give up easily and continued to fight. The problem ended when Giannini decided to name his entire organization The Bank of America.

Merging with First National Bank

Due to some financial issues, the First National Bank became much weaker. A merger was suggested. Sartori insisted that any employee involved in the problems had to resign. They did, and on April 1, 1929, Security merged with the Los Angeles-First National Trust and Savings Bank. This created the 8th largest bank in the United States, called Security-First National Bank of Los Angeles.

In 1934, at 75 years old, Sartori retired as President. He became Chairman of the managing committee, while George M. Wallace became President.

Community Activities

In 1907, the State Normal School (a teacher's college) was too crowded. Its leaders were allowed to sell their land. Sartori organized a group to buy the land and give it to the city of Los Angeles. They held it for six years and then sold it to the city in 1913. This allowed Fifth Street to be built through and was used for the Library site.

When Westwood was chosen for the new campus of the University of California, Sartori took on the job of raising $1.4 million to buy the land.

When Joseph's mother, Teresa Sartori, died in 1901, Joseph and his father built a hospital in Cedar Falls, Iowa, in her memory. It was named Sartori Memorial Hospital.

Sartori was very important in developing the industrial community of Torrance, California. The Dominguez Land Company was created in 1911. Sartori and Jared Sidney Torrance, the company president, had worked together before. In 1911, they bought a lot of land, which was divided and sold. This land eventually became the city of Torrance, CA. Sartori Avenue in old downtown Torrance was named after him.

Sartori also started the California Community Foundation in 1915. The idea was that a local bank would manage donated money. The yearly earnings from this money could then be given out based on the wishes of the person who donated it. The bank invested the money, and a special committee decided how to give out the funds.

After World War I, many people moved to Southern California. There was a lot of new buying and selling of real estate and stocks. Sartori remembered the problems from the 1887 land boom and was careful during these "Roaring '20s." But he believed in Southern California and progress, and he helped it grow in many ways.

Sartori was key to building the Millennium Biltmore Hotel. In April 1921, Sartori called a meeting of forty important business leaders. They wanted to build a great hotel for Los Angeles. This group included Harry Chandler and Cecil B. DeMille. Their main goal was to make sure Los Angeles was a leading city in America. They decided to buy land for the hotel near the railway stations and main roads. They agreed that no one in the group should make a profit from the land deal. On October 6, they formed a company and chose a president.

A hotel manager was hired, who suggested the architects. The company that would run the hotel was formed in November 1921. The hotel was estimated to cost $8.5 million. Sartori organized a group of 600 investors to help pay for the hotel. Three banks agreed to sell the bonds. The stock offering sold out in just five weeks.

As a member and President of the Central Business District Association, he also helped develop the Los Angeles Civic Center and the Subway Terminal Building. He led a committee that looked for a site for a civic center in Los Angeles. He also worked to get voters to approve money to build the new City Hall. The Subway Terminal Building was a joint project that finished in 1926. Sartori was interested in this project because it helped keep the central business district strong.

During World War I, he helped organize the Los Angeles Steamship and Dry Dock Company. He was also a director for The Los Angeles and Salt Lake Railroad.

Personal Life

In 1921, Joseph Sartori joined the Valentine Camp. This was a private camp in the mountains above Mammoth. He owned it with a few friends. He enjoyed spending many hours there, away from the stress of his business life.

Sartori was active in the Los Angeles Athletic Club. He was a past president of the California Club. He was also a past director for the Automobile Club of Southern California and a member of the Jonathan Club and the University Club.

Sartori and his wife had one foster daughter, Juliette Boileau. She married George Wallace, who later became President of Security-First National Bank.

In 1891, Mrs. Sartori became one of the founding members of the Friday Morning Club. She was interested in opera and sports. She was also active in women's clubs.

Margaret Sartori died on May 2, 1937. Joseph Francis Sartori passed away on October 6, 1946.

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  Maurice S. Hellman